Jinkushal Industries' IPO surged 3.3% at launch but fell 1.85% by day's end despite strong demand.

Jinkushal Industries' shares opened 3.3% above the ₹121 IPO price on October 3, 2025, reaching a high of ₹128 before falling to ₹118.75, a 1.85% decline from the listing price. The IPO, oversubscribed 65 times, raised ₹116.15 crore with proceeds for working capital. The company, based in Chhattisgarh, exports customized and refurbished construction machinery globally, reporting ₹380.6 crore in FY25 revenue and ₹19.1 crore in profit. Despite strong demand and a 16.5% grey market premium, the stock underperformed, with analysts citing high valuations and weak post-listing momentum.